2021 SAIF-CAFR Financial Research Summer Camp
July 10 -11, 2021
Beijing Time, GMT+8
Online and Onsite in Shanghai, China
We are pleased to announce that the Fourth SAIF-CAFR Financial Research Summer Camp, jointly organized by Shanghai Advanced Institute of Finance (SAIF) and China Academy of Financial Research (CAFR) at Shanghai Jiao Tong University, will take place from July 10 to 11, 2021 in a combined online-offline format in the city of Shanghai, China.
Designed for emerging scholars in China and beyond, the SAIF-CAFR Financial Research Summer Camp introduces the participants to the frontiers of academic research in finance and provides them with cutting-edge research methodologies and fresh perspectives, with the objective of inspiring their future academic careers and enhancing the overall quality of research and teaching in finance in China. This year’s Summer Camp consists of onsite lectures given by three renowned finance scholars. Listed in the alphabetical order, they are:
Zhiguo He
Fuji Bank and Heller Professor of Finance and Jeuck Faculty Fellow, Booth School of Business, University of Chicago; Distinguished Visiting Professor at Shanghai Advanced Institute of Finance (SAIF)
Prof. Zhiguo He‘s research interest includes the implications of agency frictions and debt maturities in financial markets and macroeconomics with a special focus on contract theory and banking. His research has been published in leading academic journals including American Economic Review, Econometrica, Review of Economic Studies, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, and Management Science. He has been an associate editor for the Review of Financial Studies and Management Science and currently serves as an associate editor for the Journal of Finance. He serves as the guest editor of the Review of Finance for the “Special Issue on China” in 2020-2021.
https://www.chicagobooth.edu/faculty/directory/h/zhiguo-he
Kewei Hou
Ric Dillon Endowed Professor in Investments, Fisher College of Business, Ohio State University; Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF)
Prof. Kewei Hou’s primary research interest is in the area of empirical asset pricing with a specialization in the predictability of asset returns. He has published in in leading academic journals such as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Review of Finance, Journal of Financial and Quantitative Analysis, and Management Science. Professor Hou is an Editor of the Journal of Empirical Finance, Associate Editor of the Journal of Banking and Finance and Asia-Pacific Journal of Financial Studies.
https://fisher.osu.edu/people/hou.28
Jianfeng Yu
Jianshu Chair Professor of Finance at PBCSF, Director of the Research Center for Asset Management, PBCSF-NIFR, Tsinghua University
Prof. Jianfeng Yu’s primary research interest includes asset pricing with frictions, behavioral asset pricing, and international markets. His research is published in leading academic journals such as American Economic Review, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Management Science, Review of Economic Dynamics, and Review of Financial Studies.
http://eng.pbcsf.tsinghua.edu.cn/portal/article/indexn/id/1072.html
The SAIF Summer Camp lectures are provided free of charge and will be offered in English. However, it is necessary to register in advance for a screening process. If you are interested in participating in the Camp, please complete the registration form as attached and email the completed form together with your CV by June 27 to summercamp@saif.sjtu.edu.cn. We will inform you whether you have successfully registered in due time.
Please attend the conference online if you are currently from, or in the past 14 days have travelled to those cities where the mid-to-high-risk areas are located. Current list of cities include: Guangzhou广州, Shenzhen深圳, Foshan佛山, Dongguan东莞, Zhanjiang 湛江 and is subject to change as situation develops. Visit this office government website for a real-time update.
Please note that if you would like to attend the Camp onsite, expenses related to participation in the summer camp, such as travel and accommodation, are of your own responsibility.
We look forward to seeing you in person or virtually at the Camp soon.
(Preliminary Program Attached)
Preliminarily Program
July 10-11, 2021
(All Times Refer to Beijing Time, GMT +8)
Online:Zoom
Onsite:Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University
9:00AM - 12:00AM, July 10, 2021
Fintech (Theory) and China’s Financial Market (Empirical)
Professor Zhiguo He (Onsite)
Booth School of Business, University of Chicago
This short course will go over the most recent work that I have been working on in the past five years. The first half will cover theoretical modelling of 1) bitcoin mining pools and 2) fintech competition with traditional banks under open banking, together with empirical research that is related to these theoretical models. The second half will cover 1) development in China’s bond market, including its interaction with local government debt and shadow banking, and 2) the economic issues of SOE reforms.
Click here to download recommended pre-reading materials for the lecture.
2:00PM - 5:00PM, July 10, 2021
Behavioral Approach to Asset Pricing Puzzles
Professor Jianfeng Yu (Onsite)
PBC School of Finance, Tsinghua University
In this lecture, I will provide a brief (and incomplete) summary of recent development on behavioral asset pricing. In particular, I will discuss recent development on the applications of extrapolation, prospect theory, and investor trading behavior. I will also discuss applications of several under-explored behavioral biases such as the priming effect. Lastly, I will investigate the role of mispricing in several recent prominent factor models.
9:00AM - 12:00AM, July 11, 2021
Factor Pricing and Anomalies: Latest Developments
Professor Kewei Hou (Onsite)
Fisher College of Business, Ohio State University
The lecture will present a detailed look at the state of the factor pricing and anomaly literature as it stands today. The goal is to acquaint the audience with the major themes and important questions that are the subjects of on-going investigations, and to equip them with a solid understanding of the quantitative tools to enable them to contribute to these investigations. The lecture is centered around a set of academic papers, covering the following topics: (1) the robustness of the anomaly literature; (2) the latest factor models; (3) stress-testing factor models with robust anomalies; and (4) the relation between security analysis and factor models.